Assets under management at an all-time high
Healthy inflows of +€17bn, net income1,2 up +6% Q1/Q1
Net income Growth | High level of adjusted net income1,2 Q1 2024: €318m, +5.9% Q1/Q1
| |
High & Diversified Net inflows | Record level assets under management: €2,116bn as of Net inflows Q1 2024: +€16.6bn
| |
Continuing Development | Development in line with the priorities of the 2025 Strategic Ambitions plan:
| |
Two Value-creating Operations | Closing on 2 April, ahead of schedule, of the acquisition of Signing on |
The Board of Directors of
“We had a particularly intense start to the year, both in terms of sales momentum and the development according to our strategic priorities. We were able to combine organic and external growth, in line with our 2025 Strategic Ambitions plan.
Our net inflows, which reached +€17 billion, are very balanced across the main client segments, expertise and geographies. This shows the good positioning of our range of solutions, which allows us to respond effectively to the needs of our clients. Our assets under management reached their highest level ever, at more than €2,100bn.
This activity is also reflected in our profitability: the net income1,2 for the first quarter, at €318m, is up +6% year-on-year, driven by the increase of our net management fees and the control of our costs.
Finally, two external growth operations that are significant for our future development mark the beginning of the year. The acquisition of
These initiatives, combined with our sustained organic investments, are promising for our future business and results.”
Highlights of the First Quarter of 2024
Rising markets, but a European asset management market that is still slowing down
Since the beginning of 2024, both equity4 and bond5 markets extended their rally of the end of 2023. Year-on-year, they gained +14.5% and +4.2% respectively in average value for Q1 2024, compared to the same quarter last year.
However, investors remain strongly risk-averse in the asset management market in
The beginning of the year was marked by two important external operations:
- The acquisition of
Alpha Associates , announced7 at the publication of the annual results in early February, was finalised on 2 April. Alpha will be integrated starting in the second quarter, with assets under management reaching €9 billion at the end ofMarch 2024 ; this operation strengthens our expertise and creates a European leader in the field of multi-management of private assets, whose solutions can be distributed to Amundi’s large institutional client base and adapted to the needs of Retail clients. The revenue synergies related to this acquisition are expected to exceed €20 million in the fifth year; the operation should generate a return on investment of more than 13% after 3 years. - A memorandum of3understanding7 was signed on 15 April with Victory Capital, a US asset manager, to establish a strategic partnership aimed at combining Amundi’s activities in
the United States into Victory Capital, in exchange for a 26.1% economic stake forAmundi in Victory Capital and 15-year reciprocal international distribution agreements ; the merger ofAmundi US and Victory Capital would create a larger US investment platform serving the clients of both companies;Amundi would thus have a greater number of US and global management expertise to offer its clients, while Victory Capital would expand its capacities to distribute its products outsidethe United States . The transaction is expected to be accretive forAmundi shareholders, with an increase of the adjusted net income and EPS.
These operations aim to accelerate the Group’s organic development, which reached new milestones in the first quarter:
- In
Asia , assets under management increased sharply, by +6% in the quarter alone, reaching €422bn, with net inflows of +€6.8bn from Asian JVs (+€4.4bn, in particular inIndia andKorea ), and also from the other countries whereAmundi is located (China ,Hong Kong ,Singapore ,Japan ) for +€2.4bn; - Contrary to the trend in the European fund market, Amundi’s active management8 showed positive inflows in the first quarter, at +€1.3bn, excluding JVs, thanks to a very good sales momentum in bond strategies: +€12.0bn, excluding JVs, in particular on Target Maturity funds (+€3.5bn);
- Passive management recorded strong net inflows in ETFs (+€5.0bn), bringing assets under management to €227bn at the end of
March 2024 , with, once again, good net inflows in fixed income ETFs (+€1.6bn); - Third-party Distribution recorded its highest level of activity in two years, with net inflows of +€7.0bn, with assets under management now reaching €345bn, i.e., more than 53% of the Retail segment;
- Amundi Technology saw its revenues increase by +35.7% year-on-year, with 61 clients at the end of
March 2024 (+4 in Q1);
- Amundi Technology saw its revenues increase by +35.7% year-on-year, with 61 clients at the end of
- Lastly, in
Responsible Investment , Amundi’s subsidiary CPR AM launched the first thematic strategy on biodiversity with major institutional players; this first fund will allow the roll-out in 2024 of new strategies on this theme for retail clients;Amundi also launched, with IFC, aWorld Bank subsidiary, a fund for the development of Sustainable Bonds markets in emerging countries: nearly €0.5bn was mobilised with major institutional clients; this initiative confirms Amundi’s position as one of the world’s leaders in blended finance projects on post-project transition issues carried out with supranational agencies, IFC, EIB or AIIB.
- Activity
High and diversified inflows, by main client segments, geographies and types of management
As of
In Q1 2024,
By client segments, net inflows reached +€6.5bn for Retail, +€5.6bn for the Institutional segment and + €4.5bn for JVs.
- The Retail segment benefits from the strong sales momentum of Third-Party Distributors, at +€7.0bn, including + €5.0bn in MLT Assets, driven by ETFs and actively-managed bond solutions. The French Networks also records positive net flows of +€1.5bn, thanks to treasury products. Conversely, the net outflows in International Retail Networks (-€1.9bn) are due to withdrawals on the Italian networks, in line with market trends, and despite good net inflows in Sabadell network in
Spain . - The Institutional segment is also diversified: net inflows are driven by treasury products (+€3.9bn), despite the seasonal outflows of Corporates, and it is also positive for MLT Assets (+€1.7bn). In this category, net inflows reached +€3.4bn for the Institutionals & Sovereigns segment, despite the exit on a low margin index mandate for -€5bn.
- JVs continue to show a high level of overall net inflows thanks to
India (SBI MF, +€2.9bn), andSouth Korea (NH-Amundi +€1.5bn). Our JV inChina withABC (ABC-CA -€0.1bn) confirms its stabilisation and returns to balance.
By major asset classes and excluding JVs, treasury products (+€8.7bn) benefit from the attraction of high short-term interest rates. MLT Assets9 (+€3.4bn) also experienced a good level of inflows, balanced by types of management:
- Passive management (+€2.5bn) benefited from the good momentum on ETFs (+€5.0bn); inflows in index and smart beta products were also satisfactory, but recorded a negative quarter due to the exit on the index mandate mentioned above;
- Active management, structured products, real and alternative assets (+€0.9bn) resisted well, in a European open-ended fund market showing net outflows; as in previous quarters, fixed income expertise (+€12.0bn) and structured products (+€0.6bn) were favoured by investors, while equities, multi-assets, real estate and liquid alternative funds registered net outflows.
Finally, by geography,
- First Quarter 2024 Results
Net Income10,,11 up +6% Q1/Q1 to €318m
Profitability at a high level in Q1
Adjusted data11
In Q1 2024, the adjusted net income11 reached €318m, up +5.9% compared to Q1 2023. This growth was fuelled by a significant increase in revenues, up +3.8% compared to Q1 2023, to €824m:
- Net management fees experienced a high growth of +4.0% compared to Q1 2023, driven by the increase in average assets under management (excluding JVs) of +5.9%, in a context of market appreciation; net inflows were nevertheless concentrated on less risky products;
- Performance fees went down to €18m;
- Technology revenues, up +35.7% to €18m, benefited from the addition of new clients over the past year (+10), and the increase in license fees;
- finally, net financial income rose very strongly, by +43.1% to €23m, driven by the increase in short term rates, which gained +130bp12 between Q1 2023 and Q1 2024.
Operating expenses11 (€439m) remained controlled, at +3.3% compared to Q1 2024, below the growth in revenues over the same period (+3.8%), thus giving rise to a positive jaws effect. The continuous productivity efforts have absorbed the acceleration in investments for the development of Amundi Technology.
This jaws effect results in an improvement in the cost-income ratio, at the best level in the sector at 53.3%11.
It also translates into an acceleration in the growth of Adjusted Gross Operating Income11 (GOI), up +4.4% compared to Q1 2023, to €385m.
Income from equity-accounted companies, at €29m, also increased, by +30.2% compared to Q1 2023, mainly thanks to the continued strong growth of our JV in
Adjusted Net Earnings per Share11 reached €1.55 in Q1 2024.
Accounting data for Q1 2024
Net income, Group share, amounted to €303m and included the amortisation of intangible assets (client contracts related to the Lyxor acquisition and distribution contracts related to previous operations), i.e. -€15m after tax.
Accounting Net Earnings per Share in Q1 2024 reached €1.47.
***
APPENDICES
Change in assets under management from the end of 2020 to the end of
(€bn) | Assets under management | Net Inflows | Market and foreign exchange effect | Scope effect | Variation in AuM vs previous quarter | ||
As of | 1,729 | / | +4.0% | ||||
Q1 2021 | -12.7 | +39.3 | / | ||||
As of | 1,755 | / | +1.5% | ||||
Q2 2021 | +7.2 | +31.4 | / | ||||
As of | 1,794 | / | +2.2% | ||||
Q3 2021 | +0.2 | +17.0 | / | ||||
As of | 1,811 | / | +1.0% | ||||
Q4 2021 | +65.6 | +39.1 | +14814 | ||||
As of | 2,064 | / | +14% | ||||
Q1 2022 | +3.2 | -46.4 | / | ||||
As of | 2,021 | / | -2.1% | ||||
Q2 2022 | +1.8 | -97.75 | / | ||||
As of | 1,925 | / | -4.8% | ||||
Q3 2022 | -12.9 | -16.3 | / | ||||
As of | 1,895 | / | -1.6% | ||||
Q4 2022 | +15.0 | -6.2 | / | ||||
As of | 1,904 | / | +0.5% | ||||
Q1 2023 | -11.1 | +40.9 | / | ||||
As of | 1,934 | / | +1.6% | ||||
Q2 2023 | +3.7 | +23.8 | / | ||||
As of | 1,961 | / | +1.4% | ||||
Q3 2023 | +13.7 | -1.7 | / | ||||
As of | 1,973 | / | +0.6% | ||||
Q4 2023 | +19.5 | +63.8 | -20.0 | ||||
As of | 2,037 | / | +3.2% | ||||
Q1 2024 | +16.6 | +63.0 | / | ||||
As of | 2,116 | / | +3.9% |
Total one year between
- Net inflows +€53.5bn
- Market & foreign exchange effects +€148.8 bn
- Scope effect -€20.0bn (sale of
Lyxor Inc )
Breakdown of AuM & net inflows by client segments15
(€bn) | AuM as of | AuM as of | % var. / | Inflows Q1 2024 | Inflows Q1 2023 |
French networks | 137 | 124 | +10.1% | +1.5 | +2.7 |
International networks | 165 | 157 | +4.8% | -2.0 | -1.6 |
o/w Amundi BOC WM | 3 | 4 | -29.6% | -0.2 | -2.8 |
Third-party distributors | 345 | 296 | +16.5% | +7.0 | +0.4 |
Retail | 647 | 578 | +11.9% | +6.5 | +1.5 |
Institutional & Sovereigns (*) | 511 | 472 | +8.2% | +9.7 | +1.0 |
Corporates | 108 | 96 | +12.4% | -4.2 | -7.9 |
Employee savings plans | 90 | 79 | +14.2% | -0.9 | -0.6 |
CA & SG insurers | 427 | 416 | +2.7% | +1.0 | -4.3 |
Institutional investors | 1,137 | 1,064 | +6.9% | +5.6 | -11.7 |
JVs | 332 | 292 | +13.7% | +4.5 | -0.8 |
Total | 2,116 | 1,934 | +9.4% | +16.6 | -11.1 |
(*) Including funds of funds
Breakdown of assets & net inflows by asset classes15
(€bn) | AuM as of | AuM as of | % var. / | Inflows Q1 2024 | Inflows Q1 2023 |
Equities | 505 | 425 | +18.7% | -2.6 | -2.9 |
Multi-assets | 280 | 286 | -2.2% | -7.6 | -7.2 |
Bonds16 | 700 | 616 | +13.6% | +13.9 | -3.2 |
Real, alternative, and structured assets | 107 | 125 | -15.1% | -0.3 | +0.9 |
MLT ASSETS excl. JVs | 1,591 | 1,453 | +9.5% | +3.4 | -12.4 |
193 | 189 | +2.3% | +8.7 | +2.1 | |
Assets excl. JVs | 1,784 | 1,642 | +8.7% | +12.1 | -10.3 |
JVs | 332 | 292 | +13.7% | +4.5 | -0.8 |
TOTAL | 2,116 | 1,934 | +9.4% | +16.6 | -11.1 |
o/w MLT assets | 1,892 | 1,716 | +10.2% | +7.7 | -11.3 |
o/w | 224 | 218 | +3.2% | +8.9 | +0.3 |
Breakdown of AuM & net inflows by type of management and asset classes17
(€bn) | AuM as of | AuM as of | % var. / | Inflows Q1 2024 | Inflows Q1 2023 |
Active management | 1,117 | 1,027 | + 8.7% | +1.3 | -13.1 |
Equities | 209 | 183 | +13.9% | -2.8 | -1.3 |
Multi-assets | 270 | 278 | -3.1% | -8.0 | -7.6 |
Bonds18 | 639 | 566 | +12.8% | +12.0 | -4.2 |
Structured products | 41 | 33 | +22.0% | +0.6 | +1.1 |
Passive management | 368 | 301 | +22.4% | +2.5 | -0.2 |
ETF & ETC | 227 | 181 | +25.5% | +5.0 | +1.9 |
Index & Smart beta | 140 | 119 | +17.6% | -2.5 | -2.2 |
Real and Alternative assets | 66 | 92 | -28.6% | -0.9 | -0.1 |
Real assets | 61 | 66 | -7.3% | -0.2 | -0.1 |
Alternative assets | 4 | 26 | -82.7% | -0.7 | -0.0 |
MLT ASSETS excl. JVs | 1,591 | 1,453 | +9.5% | +3.4 | -12.4 |
193 | 189 | +2.3% | +8.7 | -2.1 | |
TOTAL ASSETS excluding JVs | 1,784 | 1,642 | +8.7% | +12.1 | -10.3 |
JVs | 332 | 292 | +13.7% | +4.5 | -0.8 |
TOTAL | 2,116 | 1,934 | +9.4% | +16.6 | -11.1 |
o/w MLT assets | 1,892 | 1,716 | +10.2% | +7.7 | -11.3 |
o/w | 224 | 218 | +3.2% | +8.9 | +0.3 |
Breakdown of AuM & net inflows by geographic areas17
(€bn) | AuM as of | AuM as of | % var. / | Inflows Q1 2024 | Inflows Q1 2023 |
978 | 903 | +8.3% | +10.0 | -2.4 | |
208 | 197 | +5.1% | -1.1 | -0.7 | |
391 | 343 | +14.2% | +4.0 | +0.3 | |
422 | 371 | +13.8% | +6.8 | -4.8 | |
Rest of world | 117 | 120 | -2.3% | -3.0 | -3.4 |
TOTAL | 2,116 | 1,934 | +9.4% | +16.6 | -11.1 |
TOTAL excl. | 1,138 | 1,031 | +10.4% | +6.6 | -8.6 |
Adjusted income statement19 for the First Quarter 2024
(€M) | Q1 2024 | Q1 2023 | % var. Q1/Q1 | Q4 2023 | % var. Q1/Q4 | ||
Adjusted net revenues | 824 | 794 | +3.8% | 806 | +2.2% | ||
Net management fees | 766 | 736 | +4.0% | 723 | +5.9% | ||
Performance fees | 18 | 28 | -38.3% | 34 | -48.7% | ||
Technology | 18 | 13 | +35.7% | 18 | -0.1% | ||
Financial income & other income | 23 | 16 | +43.1% | 32 | -27.2% | ||
Adjusted operating expenses | (439) | (425) | +3.3% | (426) | +3.1% | ||
Adjusted cost-income ratio (%) | 53.3% | 53.6% | -0.3pp | 52.8% | +0.5pp | ||
Adjusted gross operating income | 385 | 369 | +4.4% | 381 | +1.1% | ||
Cost of risk & others | (0) | (1) | -75.8% | (2) | -93.9% | ||
Equity-accounted companies | 29 | 22 | +30.2% | 29 | -0.9% | ||
Adjusted income before tax | 413 | 390 | +5.9% | 407 | +1.5% | ||
Corporate tax | (97) | (91) | +6.2% | (96) | +0.1% | ||
Non-controlling interests | 1 | 1 | +20.4% | 2 | -65.0% | ||
Adjusted Net Income Group Share | 318 | 300 | +5.9% | 313 | +1.4% | ||
Adjusted earnings per share (€) | 1.55 | 1.47 | +5.5% | 1.53 | +1.4% |
Methodology Appendix
Accounting and adjusted data
- Accounting data - this includes the amortisation of intangible assets.
- Adjusted data - in order to present a profit and loss account closer to the economic reality, the following adjustments are made: restatement of the amortisation of the distribution contracts with Bawag, UniCredit and
Banco Sabadell , and of the intangible asset representing Lyxor’s client contracts, recorded as a deduction from net income.
In the accounting data, amortisation of distribution contracts and intangible assets representing Lyxor’s client contracts:
- Q1 2023: -€20m before tax and -€15m after tax
- Q4 2023: -€20m before tax and -€15m after tax
- 2023: -€82m before tax and -€59m after tax
- Q1 2024: -€20m before tax and -€15m after tax
Alternative Performance Indicators20
In order to present a profit and loss account closer to the economic reality,
The adjusted, normalised data is reconciled with the accounting data as follows:
= accounting data |
= adjusted data |
(€m) | Q1 2024 | Q1 2023 | Q4 2023 | ||
Net revenues (a) | 804 | 773 | 786 | ||
- Amortisation of intangible assets before tax | (20) | (20) | (20) | ||
Adjusted net revenues (b) | 824 | 794 | 806 | ||
Operating expenses (c) | (439) | (425) | (426) | ||
- Pre-tax integration costs | 0 | 0 | 0 | ||
Adjusted operating expenses (d) | (439) | (425) | (426) | ||
Gross Operating income (e) = (a) + (c) | 364 | 348 | 360 | ||
Adjusted gross operating income (f) = (b) + (d) | 385 | 369 | 381 | ||
Cost-income ratio (%) -(a)/(c) | 54.6% | 55.0% | 54.2% | ||
Adjusted cost-income ratio (%) -(d)/(b) | 53.3% | 53.6% | 52.8% | ||
Cost of risk & others (g) | (0) | (1) | (2) | ||
Equity-accounted companies (h) | 29 | 22 | 29 | ||
Income before tax (i) = (e) + (g) + (h) | 393 | 370 | 387 | ||
Adjusted income before tax (j) = (f) + (g) + (h) | 413 | 390 | 407 | ||
Income tax (k) | (91) | (85) | (91) | ||
Adjusted income tax (l) | (97) | (91) | (96) | ||
Non-controlling interests (m) | 1 | 1 | 2 | ||
Net income Group share (n) = (i)+(k)+(m) | 303 | 285 | 299 | ||
Adjusted net income Group Share (o) = (i)+(k)+(m) | 318 | 300 | 313 | ||
Earnings per share (€) | 1.48 | 1.40 | 1.46 | ||
Adjusted earnings per share (€) | 1.55 | 1.47 | 1.53 |
Shareholder structure
Number of shares | % of capital | Number of shares | % of capital | Number of shares | % of capital | Number of shares | % of capital | |
Crédit | 141,057,399 | 69.19% | 141,057,399 | 69.19% | 141,057,399 | 68.93% | 141,057,399 | 68.93% |
Employees | 2,279,907 | 1.12% | 2,238,508 | 1.10% | 2,918,391 | 1.43% | 2,869,026 | 1.40% |
1,343,479 | 0.66% | 1,331,680 | 0.65% | 1,247,998 | 0.61% | 1,259,079 | 0.62% | |
Free float | 59,179,346 | 29.03% | 59,232,544 | 29.06% | 59,423,846 | 29.04% | 59,462,130 | 29.06% |
Number of shares at end of period | 203,860,131 | 100.0% | 203,860,131 | 100.0% | 204,647,634 | 100.0% | 204,647,634 | 100.0% |
Average number of shares since the beginning of the year | 203,414,667 | - | 203,860,131 | - | 204,201,023 | - | 204,647,634 | - |
Average number of shares since the beginning of the quarter | 203,860,131 | - | 203,860,131 | - | 204,647,634 | - | 204,647,634 | - |
Average number of shares prorata temporis.
- The capital increase reserved for employees in 2023 was carried out on
27 July 2023 . 787,503 securities (approximately 0.4% of the capital before the operation) were created, bringing the employee share of the capital to 1.47%, compared to 1.14% before the operation. As of31 March 2024 , this share is 1.40%. - The average number of shares was unchanged between Q4 2023 and Q1 2024 and increased by +0.4% between Q1 2023 and Q1 2024.
***
Financial Communication Schedule
- General Meeting:
24/05/2024 - Publication of Q2 and first half-year results for 2024:
26 July 2024 - Publication of Q3 and first nine-month results for 2024:
30 October 2024
Dividend Schedule
- Ex-date: Monday,
3 June 2024 - Payment date: from Wednesday,
5 June 2024 .
***
About
With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment,
www.amundi.com
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com
Investor contacts:
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Tel. + 33 1 76 32 43 92
annabelle.wiriath@amundi.com
DISCLAIMER:
This document may contain forward-looking information concerning
More detailed information on risks that may affect
The figures presented were prepared in accordance with IFRS guidelines as adopted by the
The sum of the values appearing in the tables and analyses may differ slightly from the total reported as a result of rounding.
1 Net income (Group share)
2 Adjusted data: excluding amortisation of intangible assets (see note p. 8)
3 Non-binding Memorandum of Understanding at this stage, subject to due diligence and negotiation of final agreements. Final agreements will be subject to the usual finalisation conditions and regulatory approvals. There is no guarantee that the parties will reach an agreement on the final documents and, if they are concluded, that the transactions will be carried out.
4 Composite Index: 50%
5 Bloomberg Euro Aggregate for Bond Markets
6 Sources: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of end of
7 For more details on these operations, please refer to the press releases and the presentations to investors, available on the website www.about.amundi.com
8 Excluding structured products, real and alternative assets
9 Medium/Long-Term Assets
10 Net income (Group share)
11 Adjusted data: excluding amortisation of intangible assets (see note p. 8)
12 3-month Euribor
13 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and taking into account 100% of the net inflows and assets under management of the JVs in
14 Lyxor, integrated as of
15 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and taking into account 100% of the net inflows and assets under management of the JV in
16 As of 01/01/2024, reclassification into Bonds of short-term bond strategies (€30bn in AuM) previously classified as
17 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and taking into account 100% of the net inflows and assets under management of the JV in
18 As of 01/01/2024, reclassification into Bonds of short-term bond strategies (€30bn in AuM) previously classified as
19 Adjusted data: excluding amortisation of intangible assets, see Methodology Appendix below
20 See also section 4.3 of the 2023 Universal Registration Document filed with the
21 Source: IPE “Top 500 Asset Managers,” published in
22
23
Attachment
- Amundi PR results Q1 2024
© OMX, source